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that happened to us. this is man-made, yes? >> the situation is not just a fiscal cliff. we are spending a lot more than we are earning as a nation. the nation is rich enough to try to live within its means. the problem is, of course, that people have been delaying -- at some point, you are going to have to find a solution. they keep delaying the solution. every time, we have a worse rescue. i would rather have things solved early than late. that is my situation. i would rather have the markets tell us -- i would rather have events precipitate events, rather than sit there like the people in washington. the core of my idea is that it is not just a fiscal cliff, we have had -- ever since alan greenspan came to run the federal reserve, we have had this artificial stimulation masking the problems, stabilizing markets. it is very harmful. a forest in which you stifle every fire, in the long run, you'll have flammable material accumulating. tavis: we go over the cliff and in the best of worlds, what happens? >> we will be forced to find a solution. people find a solution rather than politicians bic
. >> stephen: fiscal cliff, yeah. >> trillions of dollars of spending cuts and tax increases that are going to happen when the ball drops on new year's eve unless president obama and congress come to some sort of compromise. >> stephen: all right so, we're all doomed. >> it's like the movie thaw you have to either cut off your arm or die. so they will come-- they will cut off their arm. >> stephen: do you know, do you know what kind of ratings the news could get if they could get politicians to cut off their arms on camera? okay. -- (cheers and applause) >> stephen: as i said senior white house correspondent for abc news. the only news anybody watches any more. >> i think that's true. >> stephen: and you have got eye new book here called the outpost, an untold story of american valor. this is about the war in afghanistan. >> it's about one combat outpost in afghanistan, 14 miles from the pakistan border, built at the bottom of three very steep mountains, built in 2006. and overrun in 2009 by the taliban. >> stephen: let's put a picture of this space right here. >> that's it. >> stephen: the
to go before the united states faces the fiscal cliff, the white house has rejected a proposal from house republicans to prevent tax hikes and spending cuts at the end of the year. no formal talks between the two sides are scheduled today. will go outside the nation's capital to get your voice involved. republicans -- democrats -- independents -- send us a tweet, post your comments on facebook, or send us an e-mail. we begin with some of the papers across the country today and how this latest proposal from house republicans is playing out in the papers. courtesy of "the atlantic journal-constitution" -- here is "the denver post" -- finally, here is "of the arizona republic" -- here is "the washington post" on what is inside this deal -- we want to get your take on this. what do you think? ted in new york, a democratic caller. what do you think? caller: good morning. i do not think it goes far enough. i think it was greenspan that i heard last week said in a discussion panel that a recession as a result of going over the fiscal slope would be a small price to pay to pay back all the
and entitlements at tate days from going over the fiscal cliff which is called the series of spending cuts and expiring tax breaks which would be an economic disaster. the sticking point is the call for higher taxes for families, higher taxes on amounts earned above $250,000. everyone gets the tax cut, the first $250,000 is not taxable only but that. the president says, look, i ran on this and i am going to do this. but he is signaling he could be flexible on how high they would go. ed henry is like. this has been out there for a few days. >>reporter: that right. the president had the governors in today and they underdiscover the fiscal cliff will not just impact the national economy but have a lot of impact on state and local economies, as well, and their state budgets, et cetera. the president, though, is standing firm. and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are t
if the fiscal cliff talks goes down what impact will that go on consumer spending. >> if our tax go up and our expenses go up, then we have less discretionary income and 70% of the u.s. economy is driven by the consumers, by us. so that is really important that we absolutely focus on economic growth and don't penalize the consumers going forward. >> so you're saying it would have an impact on your business? >> i think it absolutely would because if our discretionary income is going to be less and we're paying more tax we will have less discretionary income for things like everything. including aublings. >> so what kind of contingency plan is ford making in case we do go over the cliff? >> well, our plan has always been to match our production to the real demand. and we have a very flexible manufacturing system. so you know, if we didn't get this solved and we didn't have as many sales, we would lower our production to meet that real demand like we have in the past. >> looking to the new year, the business environment, consumer sentiment, how are things shaping up for ford? >> well, right now i
fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the ebullient month of december. i mean it's happened but it's a pretty rare event it just seems t
compromise with their latest counter offer on the fiscal cliff. not as many spending cuts as they originally wanted and slight entitlement reform. the white house has just reject this offer out of hand and once again it solely is because it doesn't raise tax rates on the rich. when is obama going to rise above that obsession? when will he lose that over rich people and tax rates? i don't know. tonight, i'm is going to try to call his bluff. anyway, also breaking tonight, potential catastrophe if syria uses its chemical weapons. president obama issues a stern warning to syria and i quote the world is watching. and there will be consequences if syria uses these wmds. have we just committed ourselves to another war? and the gun control debate is squarely back in the spotlight tonight after the murder/suicide by nfl player in kansas city, second amendment instead of blaming the sick people who use them. republicans have responded to a fiscal cliff counter offer to president obama. eamon javers joins us now from washington with all the details. good evening. >> reporter: good evening. leapt me wa
with the fiscal cliff crisis. opponents say they will not bulging. >> reporter: house republicans want big spending cuts but no tax rate increases. here is a picture of president barack obama answering questions on twitter about the fiscal cliff. he is promoting a reference to the estimated tax increase and middle income families would see if rates are not extended, the latest would extend tax cuts for everyone including americans and who the president wants to exclude. the white house says the proposal is too short on specifics. >> we can't guess what they are, they need to tell us and they look forward to the time when they are specific with the ways we have dealt with it. >> they don't like what republicans want to do to social security and more on that during my next update. reporting live, allison burns, ktvu channel 2 morning news. >>> 5:14 in florida, they have released a photo of george zimmerman, showing george zimmerman with a swollen nose and blood did i face. they responded and said it adds nothing new to the case. the volunteer watch man is charged with second-degree murder an
a year end deadline, the white house is wasting no time rejecting the republicans' fiscal cliff counter offer on tax reforms and spending cuts. the gop plan consists of $2.2 trillion in saving officials a decade including raging the age for medicare from 65 to 67 and lowering the cost of living increases for social security benefits. they also propose overhauling the tax code to generate $800 billion in new revenue but without raising taxes on the wealthy. frn in a letter to the president, republicans attempted to sell the offer as the erskine bowles plan, comparing it to the same offer he drew up last year. >> i think he'd disagree. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not goin
, for the rest of us, coming up in the next half hour, the "fiscal cliff." it's staring in the face of washington. with less than a month until the deadline, why president obama is spending time on twitter. >> the new evidence linking brain damage to repeated concussions. why a bay area doctor says it's still too early to ban tackle football for kids. >>> i'm delighted for them. i'm sure they will make absolutely brilliant parents. >> the royal couple is expecting. why kate though is in the hospital and will be for several days. ,,,,,, it's the little things in life that make me smile. spending the day with my niece. i don't use super poligrip for hold because my dentures fit well. before those little pieces would get in between my dentures and my gum and it was uncomfortable. even well-fitting dentures let in food particles. super poligrip is zinc free. with just a few dabs, it's clinically proven to seal out more food particles so you're more comfortable and confident while you eat. so it's not about keeping my dentures in, it's about keeping the food particles out. [ charlie ] try zinc free su
. >>> call it the fiscal cliff follies, because with 28 days remaining before massive tax hikes and spending cuts kick in, democrats and republicans are ridiculing each other's ideas. it's a recipe for recession. the gop offering up its first plan which calls for $2.2 trillion in deficit savings over the next decade, including $800 billion in tax reforms, 600 million in medicare reforms and spending cuts. but the president rejected it outright because it does not contain tax hikes for the rich. time is running out. any sign of serious negotiation on the horizon? >> i'd say on the horizon, that would be fair. the log jam that you're watching, we're expecting to continued likely until next week. so don't be surprised if you see that. i think the policy prescriptions here, what needs to be done to find a package for deficit reduction are clear. right now you're watching the politics play out. all you need do is open your ears, listen to the white house, listen to congressional republicans you'll hear them playing the blame game. >> making vague promises about achieving revenue through capping d
isn't even a start. six governors, democrats, and republicans weigh in on the fiscal cliff today. what will they tell president obama about the spending cuts and tax increases now just 28 days away? >> we must reign in our out of control spending. >> reporter: republicans have an offer, $800 billion in new taxes, half what the president wanted. $600 billion saved in part by making americans wait until they're 67 to get medicare. plus more cuts totalling $2.2 trillion. but no tax hikes for the wealthy. >> that's just not going to happen. >> reporter: the pentagon could take the biggest hit from president obama told defense experts monday, don't worry. >> even as we make very tough fiscal choices, we're going to keep investing in these programs. >> reporter: he went online on youtube and twitter explaining why he thinks the rich should pay more. going over the fiscal cliff could cost america jobs. >> we're only expanding 2% right now. it needs to be considerably higher to bring more people off unemployment. >> reporter: for the jobless, president obama is asking congress for millions mor
spending cuts and tax increases known as the fiscal cliff. >> tonight we're no closer to a deal. mark matthews is here now with latest for us. >> it's been 16 days since president and leaders met to talk about avoiding ts fiscal cliff n that time, nothing much moved. now, we've got three weeks in change, and the failure will be felt by everyone. in san francisco's cafe, the owner has been watching the fiscal cliff creep closer hoping for a resolution. >> if they don't, it's going to be tough. >> he's talking about employ qleez can see income taxes increase by a couple thousand dollars. >> cost of living is really high. and tough to make especially in the city like san francisco. >> if congress ask the president can't reach an agreement, income taxes will go up on nearly all americans average family paying extra $2000 to $2400 a year, spending cuts mean cuts to education, transportation, research and development. there is a proposal to up airline fee that's could raise $1 billion cutting back on those who receive food stamps could bring in another $4 billion to $16 billion eliminating
there and it's called the fiscal cliff and will send us into recession but we may get deficit reduction but others believe we won't get spending cuts that we need. more will take place in defense which many argue does need to happen perhaps though not in the same way it does. we shall see. what's today's date? the fourth now. we're not too far. people say the 18th. we need to at least see something for the 21st. >> they're going on vacation with legislation. is that right? should they be able to take off? >> we should sequester their vacation. >> a great tweet this morning, jim. if you had a big project due at work, would you be going on vacation a week from tomorrow? >> let's say our bosses said we need you to finish this by year end. pal, man, i got a trip to st. bartz. what would they say? they would say stay down there. i don't like one of the defensive line guys that gets fired by the eagles. does he get to fly back from texas? we would fire these guys where they are, when they are on vacation. no. they get to take vacation without finishing their project. >> a couple good poll num
on the fiscal cliff and president's plan and lesser extent to the republican plan, largely discretionary spending cuts. a lot coming out of defense. these are not long-term structural changes that will put us on a path to a balanced budget. that will not happen. melissa: the other thing that struck me about the graphic when you look at it, the threat from republicans hey, we would rather go over the cliff rather than take the president's deal, to me doesn't look terribly credible when you look at actual numbers. unless you take into perspective we're not really going over for 10 years. but it is just going over the cliff is so focused on raising taxes, on absolutely everybody and spending cuts are really not that impressive in terms of getting, you know, the gap down smaller. they say if you compare it to the white house plan they would rather go over the cliff. i'm not sure that is really credible given those numbers. what do you think?. >> way some republicans not all, growing number of republicans are looking at this, assigning blame to the president, making clear this is the presiden
,000 that you wouldn't get if we didn't get to the fiscal cliff, he's getting a bazillion responses. >>> we talk about climate change on the show, and i want to go to stunning numbers. in 2011 we had 38.2 billion tons of carbon dioxide released. this is the most stunning number now. we released 2.4 million pounds of carbon dioxide every second last year. every second of every day. that's amazing. now one other thing about this, the protocol that they signed back in 1997, the goal was reduce emissions by 5%. what happened since they signed that and we never ratified. that was one of the problems. the emissions are 54% higher, not lower. but michael you're here to bring me good news. >> the good news the president is now saying he's working with china, trying to get a--by 2020, seven years from now, an agreement in to reduce emissions by 17% by 2020 with china. it is aggressive. it is progressive, and you know, we talked a lot during the campaign. >> cenk: is he going to be the d block, the aggressive progressive. >> i don't know if he heard of that before, but you can have the politics of a wink
if this is not good enough for the white house, we will go over the fiscal cliff. >> this is a compromise on taxes. this is a compromise on mandatory spending. and it's a compromise on discretionary spending over what the select committee had debated. >> i should mention that erskine bowles has put out a statement himself. while i'm flattered the speaker would call something the bowles plan. the outline in the letter the speaker sent to the president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, sir, if i may -- >> i'm not
to zoraida sambolin for an update on the day's top stories. >> soledad, the fiscal cliff debacle, with 28 days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take a look at the headlines from this $800 billion in what would be savings from tax reform. so that is new tax revenue. but not done by increasing income tax rate on the wealthiest. but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner pl
balboa stock market. the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's the market betting on right now? >> well, i won't even make that presumption because we don't focus on what the event is. we focus on how the market is going to react. the vix has increased a little over the last week or so, but it's still at a historically low level. i think i'm very encouraged by the price action we've seen where we made this bottom and followed through last week, which is key, and we're holding strong this week. i i think the key for the market is to follow the dollar. we're below 80. that can really add another boost to the markets over the longer term. that's positive for corporations to get some more growth out of this ove
.s. could face massive spending cuts and tax increases known as the fiscal cliff. they are talking about it in washington. today congressional republicans put forward alternative to the president plan. but tonight we are no closer to a deal. political reporter mark matthews explains what that means. >> san francisco cafe owner has been watching the cliff creep closer an hoping for rest logs. >> because if they don't it's going to be really tough. >>reporter: he's talking about employees. see the income taxes increase by a couple of thousands dollars. >> cost of living is really high and tough to make it especially in the city like san francisco. >>reporter: if congress and president can't reach an agreement income taxes will go up on nearly all americans. average family will be paying an extra 2000 to 2400 dollars a year. automatic spending cuts mean cuts to education. transportation. research and development. there's proposal to up airline fee that is could raise 1 billion dollars cutting back on those who 7 fad stamps could bring in another 4 to 16 billion over 10 years. elimin
federal spending cuts unless congress and the president act so-called fiscal cliff. on the senate floor today, top senate democrat, here he was, harry reid, said the republican counteroffer unveiled yesterday is a serious proposal. reid called the offer a nonstarter. his word. but a serious proposal nonetheless. in an interview just today with bloomberg tv, president obama did not reject the gop offer outright. officials have called it a step backward, not worthy of a counteroffer. but, you know, bottom line here, you have two sides they appear to be pretty far apart with no new negotiations happening at least not to our knowledge. so, with me now from capitol hill is representative peter wel welch. democrat from vermont. good to see you. thanks for coming on. >> thank you. >> so let me just pose this one to you. you just heard harry reid, would you agree with harry reid the plan offered yesterday by that house speaker is, quote unquote, a serious plan? >> well, you know, i don't know the details of it. it is $800 billion supposedly in revenues and it is a lot of medicare cuts but not s
in with the fiscal cliff. what we will spend money on and how we were tightened our belts. >> the major place it fits is the right policy would create an environment which would produce a lot more revenue. that would help to reduce the debt. the federal government doesn't
not agree to some higher tax rates for the wealthy, the nation will go over the fiscal cliff, and the american people will hold them responsible. democrats also take issue with the proposal's spending cuts to medicare and social security. republican counter that tough cuts are needed to tackle the soaring debt, leaving washington locked in a stalemate, less than a month before every american sees their taxes shoot up. the gridlock has irritated people outside washington, like deborah page of arlington, texas. >> if i was working the way the president and congress was working, i would probably lose my job. >> reporter: page started a petition that would cease paychecks and health benefits for all members of congress and president obama if they can't avoid the fiscal cliff. the petition's chances are slim. but it's a reflection of americans' frustration with 28 days left. rob and paula? >> tahman bradley live in washington today. thank you, tahman. >>> and as talks over the fiscal cliff drag on, a new poll finds that most americans do not think very highly of congress. one in t
and where it fits in with the fiscal cliff. what we will spend money on and how we were tightened our belts. >> the major place it fits is the right policy would create an environment which would produce a lot more revenue. that would help to reduce the debt. the federal government doesn't spend much money on energy. energy research is about $6 billion a year. i would like to see it doubled. this report is a blueprint for independence and i think it is the right blueprint. we are not in a position to be held hostage by anybody. it also focuses on find more and use less. what we can do in the federal government is i think invest in research and getting a 500-mile battery for electric cars and getting solar energy that is 1 kilowatt installed and finding a way to capture carbon from coal plants that can be turned into fuel that is commercially sold. we should look at the model of unconventional gas in terms of how our system and federal research and our system of private properties have produced a situation where we have a massive advantage over europe and asia in terms of our natural gas. it
. to follow up on the fiscal cliff. you can solve this fiscal problem if you grow our role to position relative to everybody else's. a big problem is the percentage of government spending is more than its should be related to total gdp. if there is an easier for millet in the history of economics that -- formula ever in the history of america -- economics that more american energy equals more american jobs, i don't know what it is. it is all the jobs you have if you of a reliable supply of energy. the front page of the "the wall street journal" indicates a difficulty of connecting this cheap product we have in natural gas. we thought we would run out natural-gas as a country. connecting this cheap product with a more expensive market and getting it overseas. if we could become energy self- sufficient, that does not mean we would not buy on the world market, but if we could meet our needs in the north american markets, almost all of that money comes back to us. we have no better trading partner than canada. nafta has increased the trading capacity of mexico. it has gone somewhere from t
are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter: republicans have given a counterproposal to the president's plan which he issued last week. they say their plan would cut $2.2 trillion from the federal deficit over ten years. with $600 billion in health care cuts, $300 billion in cuts to mandatory spending and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich, bringing in $1.6 trillion. republ
obama their thoughts on the "fiscal cliff." the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one is going to get what they want. but we have to compromise. if everything is going to be on the table, how do we negotiate? >> reporter: republicans have given a counterproposal to the president's plan which he issued last week. they say their plan would cut $2 .2 trillion from the federal deficit over 10 years. but $600 billion in healthcare cuts, $300 billion in cuts to mandatory spending, and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich bringing in 1.6 trillion. republicans want to close tax loopholes and eliminate deductions to raise $800 billion in new revenue. >> the president has a hug
's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that will be in early january. and the tax rate for all americans. in 2001 and 2003 and then extended during the lame duck of 2010, every americans' tax rates were extended out to expire the 31st of december. every tax rate from the lowest to the highest is set to go up. some people see the problem is we're not taxing enough and so that solves the problem. to just go off the fiscal cliff and everyone will be taxed more. some say we don't take from some group and give to the other. some say go to the clinton tax rate. we had a booming economy and creating more jobs. if increasing taxes increases economic acti
tells us, there's still a disagreement over how to avert the "fiscal cliff." >> reporter: three republican and three democratic governors gate the president their take on how to avoid the "fiscal cliff" this morning at the white house. >> we're not sort of saying it should be that plan or that plan. i think what we all agree on is something has to get done. >> as governors we think it's important that we're part of the discussions both in terms of the impact it has on our finances and our economies. >> reporter: state government cost lose much-needed federal aid if democrats and republicans don't reach a deal to stop automatic spending cuts before the end of the year. the other issue is taxes. congressional republicans want bush-era tax cuts extended for all americans. president obama says those tax cuts must expire for households making $250,000 or more. >> it's a position that is supported by a majority of the american people. and, you know, we need to see from republicans an acknowledgement of that. >> reporter: the gop proposal that the white house quickly rejected closes t
for you. in republicans' counteroffer to avert the fiscal cliff, the rich get to keep their bush era tax cuts, even as the boehner budget slashes $1.2 trillion in spending, half of it from medicare, medicaid, and other social programs. it is a lump of coal delivered by the republican reindeer to the vast majority of americans. as for new revenues, they have reached in santa's sack for that old favorite. they plan to raise $800 billion by closing loopholes and deductions. only one problem a problem that flummoxes no less than mitt romney and paul ryan throughout the campaign, a problem as real today as it will be tomorrow -- the math. as the president explained in his first post-election interview on bloomberg this afternoon. >> it's a simple proposition that you can't raise enough revenue, and if you don't raise enough revenue through closing loopholes and deductions, then it's going to be middle class families who make up the difference. >> indeed. as the president notes, you can't get $800 billion in revenue without eliminating, for example, charitable deductions, which would put all m
over for the fiscal cliff. the republican plan has will00 billion for tax freerm 900 billion in mandatory spending cuts and 300 billion in discretionary cuts. the proposal falls short of what the president wants and cannot be taken seriously. >>> we understand they don't agree with everything the president has put on the table but we haven't seen alternatives for that. they have spoken about an avenue and that challenge is welcome. republican leaders have been adamant they don't believe rates ought to go up on the top 2 percent of wealthiest americans. the american people overwhelmingly disagree. the rates have to rise and republicans need to acknowledge that. >> the major difference between the two sides is over taxing on the rich. obama wants to raise taxes on the wealthy. obama wants to eliminate deductions and close loopholes plus cut spending for entitlement programs. the president has said there can't be tax cuts for the rich at the expense of the domestic program which is frustrating for some republicans. >> this president, i think the president with president obama he
the looming fiscal cliff. talked about business concerns as you head into the end of the year and even what to expect in 2014. bank of america has 55 million customers here in america. they represent one out of every two households. so moynihan has a very good idea about what consumers are doing and if they spending less because of the fiscal cliff. here's what he had to say. >> i'm more about business behavior than consumer behavior. people continue to spend, housing is a little better. all the things that affect stock market are in decent shape. the question was will everything going on cause them on slow down again. >> what are you you see rg businesses right now? >> almost a year and a halving a go, businesses getting concerned about the nature of the dialogue about the fiscal situation? washington and in europe and the issues that had to be dealt with long term and how it affects near term business in terms of what would be accelerated appreciation for investment in business. what will be the final demand. so the uncertainty factor started weighing in and caused everybody to be much mo
the latest proposal from keeping the nation from going over the fiscal cliff. the administration's plan includes 1.6 trillion in tax increases over the next 10 years. and over $600 billion in spending cuts and it is gop -- >> what is that? >> known, gt-o-p says even the cuts are offset by new spending proposals. lyndsay graham called it a joke. and when john baner asked what his initial reaction was, the house speaker was so angry he dropped an f-bomb. >> i was flabbergasted. for more on obama's plan let's go to dj mcpaw-paw mcwhiskers. >> that was amazing. he can really spin. you pay $35 to get him to show up. dan, when was the last time you were flabbergasted? isn't it hard to be flabbergasted? >> every time i read the business section. up and down i have so many stocks and stuff. >> say mutual funds. >> mutual funds and numbers. numbers. >> let me ask you, terry, is obama overreaching here? there is no reason to over reach here. except to beat the republicans. >> the got, their leadership they are damned if they do, damned if they don't. i know it sounds bad, walk away. you know what
, scientists say they need to study the brains of more athletes. well, the fiscal cliff now. republicans are proposing a brand new plan to prevent the so-called falling off of that cliff. the automatic tax hikes and spending cuts that are set to kick in on the first of the year. the proposal counters one from the white house which republics deemed a joke. the g.o.p. plan would at least for now extend the bush era tax cuts including those cuts for the wealthiest americans it proposes raising $800 billion from tax reform over the course of the decade. and includes more than a trillion dollars in spending cuts. but monday none of them he really detailed. in addition the plan called for changes to the so-called entitlement programs, increasing the eligibility age for medicare and lowering the annual cost of living hikes for social security hikes. flu our -- put theirs on the table and dared republicans to do the same. >> they have done that tonight. the officials saying that the counter offer is ridiculous. they are hammering the fact that there is not enough in terms of tax revenue. that th
a counteroffer to president obama in the opening round of negotiations to avoid the fiscal cliff. the gop says its proposal would save $800 billion through tax reform. $900billion in mandatory spending cuts, and $300 billion in discretionary cuts. it does not increase tax rates on upper income americans which the white house insists must be included in any deal. >>> on wall street stocks lost ground. nasdaq dropped 8 points. analysts point to a decline in manufacturing, and ongoing worries over the fiscal cliff. >>> what some hoped would be a historic announcement on life on mars didn't amount today. project scientists said soil tests performed by the curiosity rover only showed organic compounds. no proof yet that life existed, or could exist on the red planet. the scientists created big expectations by saying it would be one for the history books. today they said they were only referring to the richness of the data coming from the rover. ♪ [ music ] of course. >>> live storm tracker 2 picking up showers north of us. these showers are going to work their way south. the computer model shows
.wgbh.org >> this is n.b.r. >> susie: good evening. i'm susie gharib. just 28 days to go before the fiscal cliff deadline, today house republicans sent the president a counter-offer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch
if this is not good enough for the white house, we will go over the fiscal cliff because this is a compromise on taxes. this is a compromise on mandatory spending and it's a compromise on discretionary spending over what the select committee had debated. >> the details if we can and i should mention that erskine bowles put out a statement saying this -- does not represent the bowles-simpson plan, nor is it the bowles plan. in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the compromise between the two sides and offered it and it's already flatly rejected? >> i think what he might be rejecting, sir, if i may -- >> no, i'm not talking abo about erskine bowles. >> i think what he's sayin
that fiscal cliff house republicans are now offering up a plan of their own to avert that combination of spending cuts and tax hikes. it's set to welcome us all on january 1st if they don't have an agreement. i'm jenna lee. jon: some kind of welcome that would be. i'm jon scott. within hours of seeing the proposal the white house slammed the g.o.p. offer saying quote their plan provides nothing new and provides no details on what deductions they'll limb nature, loopholes they will close or which medicare savings they would achieve. house speaker john boehner inc insists his offer is the best one on the table calling it a credible plan that deserves serious consideration by the white house. jenna: mike emanuel is with us. certainly a challenge to find this ideal plan. what is holding it up. >> reporter: the chairman of the senate budget committee wants a large come proceed hence i have deal in the range of $5 trillion and says a grand bargain can get done if everybody kaoels cool and doesn't overreact to every valley over the net. he this is a camp david-style summit might help things
the deficit and the fiscal cliff debate. fiscal cliff debate is a tax issue and it's also a spending issue. today we focus largely on the issue of what are we going to do about medicare, a big part of the federal expenditures, an argument is this. we're here to protect medicare for seniors. period. we're not going -- we're not here to cut the benefits for seniors. we're here to see to it that medicare, which has been a program for seniors since 1964, 1965, is going to continue to be there for seniors and the benefits package there. there is changes that can be made to reduce the cost of medicare but not to reduce the benefits. we talked about many of those. and so here's where we're coming. within that area there are very, very significant savings that can be done. the prescription drug benefit. $150 billion over 10 years. other issues having to deal with keeping people healthy to extend their health care. issues having to deal with how much we pay for certain services. fraud and abuse. all of those things could add up to the potential savings -- not to the potential -- to the saving that
. just 28 days to go before the fiscal cliff deadline, today house republicans sent the president a counter-offer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch
to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a lot of it. i love the way this market is acting. it's not selling off with all the bad news, all the bickering, all the bad words on each side. you've got to love the way that this market is holding up here. doesn't mean investors need to be carefree, but overall, it looks like the market is setting up with a lot of negative sentiment out there. looks like there's a lot of opportunity for a big run higher once we get some form of resolution. i really believe we're going to get it. >> you think by year end? >> i really do. i think they want to go home for christmas. they're not going to want to not go home for christmas. you can always count on politicians to do the right thing when all other options have been exploited. they're going to finally get there because they have to. they're not going to solve 100% of it right away. >> jump in, abbigail. >> i think it's too early to be bearish or bullish, for that matter.
left to make a deal before the country hits what's called the fiscal cliff. that's a combination of across the board tax increases for everyone, coupled with cuts in spending like defense, education, health care, and housing assistance. let's go live to our chief white house correspondent jessica yellin with the very latest. jessica? >> reporter: president obama has now personally turned down speaker boehner's opening offer to avert the fiscal cliff. he did it in a tv interview. what does president obama think of speaker boehner's proposal to avert the fiscal cliff? >> unfortunately, the speaker's proposal right now is still out of balance. he talks about $800 billion worth of revenues but says he's going to do that by lowering rates. when you look at the math, it doesn't work. >> reporter: he won't agree to eliminate a tax deduction for contributions to charity. >> every hospital and university and nonfor profit agency across the country would find themselves on the verge of collapse. so that's not a realistic option. >> reporter: but the president didn't say all this to speaker
on streets signs. >> see you then, mandy. thank you. >>> the fast-approaching fiscal cliff causing a lot of nervousness among businesses. the uncertainty over taxes causing many of them to pull back on spending and hiring, especially among the small manufacturing companies. our phil lebeau with new and exclusive data on that very subject. what do the numbers look like, phil? >> not pretty, sue. we talked with the folks at pay net, who track about 20 million loans involving 17 million small businesses and essentially, what they have found going back and looking at the data in the second quarter is essentially, this summer, a real pull back by small manufacturers, cutting investment in plants and equipment by 50%. the transportation equipment manufacturing sector, in particular that he saw a big dropoff, roughly 33%. when you take a look at small manufacturers overall, look at the end there. you see that dip there, going below the dotted line? that shows they have gone into negative territory in the second quarter when it comes to investment. the one silver lining here is small manufacture
and house republicans are rolling out eir fiscal cliff counteroffer to the white house. includes $800 billio in new tax revenue. that is roughly half what the president was aiming for. 300 billion in dcretionary spending cuts. 900 billion in mandatory spending cuts. now the whi house responding just moments ago saying quote, the republican letter released today does not meet the test of balance. they don't like it. i'm joined by da mitch chill from the cato institute for more on this. dan what do you think. these are a lot of things to occur just in the past few hours. do you feel like ere is progress being made? >> there is progress but progress in the wrong direction. the number on thing to understand alrdy even if all the tax cuts were made permanent, tax revenues projected to grow by 6.2% a year. so what they're really debating about how much should it grow even faster than that in order to enable bigger government. 100% of our fiscal problem is on the spending side. obama is being very inflexible on that. republicans i'm afraid will get taken to the cleaners just what happened in 1990 w
the national dialog is focused on the fiscal cliff which has the potential to significantly affect state budgets many governors are also tackling the implementation of obama care. starting in 2014 medicaid will be expanded to all americans within 138% of the poverty line, which is individuals making $15,000 a year or less, give health care to as many as 21 million additional americans. eight governors including one of those at the white house today, oklahoma republican governor mary fallin are rejecting the offer, concerned their states may have to foot the bill down the road. the president was sure to have some thoughts following their pow wow at the white house. the six governors are on to meet with house speaker john boehner and senate majority leader harry reid this afternoon, also sure to have some thoughts. joy, the medicare question is really interesting in terms of how the governors play this one. in so far as, if you're a republican governor and offered the federal -- the federal government says it's going to cover i believe 100% of the cost of expanding the rolls from 2014 to 2
, starting january 1st we go over that so-called fiscal cliff, tax rates go up not just for the rich but for the middle class, for everyone, all those cuts in domestic spending and naths security spending, they go into effect. people aren't going to be happy about that, and the president will be able to say, look, i begged them, i repeatedly said 98% of the american public, they wouldn't get a tax increase if we just took them out of the equation, let's pass legislation extending the bush tax cuts for everyone earning under $250,000 a year. they didn't do it. so, you know, he'll have some leverage on that in terms of the politics because politically, you know, the polls all are very consistent. the election results are pretty consistent. the american public is ready for a modest increase in taxes for the upper 2% of taxpayers. having said that, there's another issue that's coming up in february or march and that's raising the debt ceiling once again. the republicans have a lot of leverage on that right now because the white house, the administration will desperately want to raise tha
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